Recycling CO2 as a renewable carbon source for the production of high-value fuels and chemicals has drawn global attention lately as a promising method to mitigate climate change and lessen dependence on fossil fuels. Among the available CO2-recycling options, catalytic CO2 hydrogenation is the most realistic and attractive choice if the hydrogen is produced using a renewable energy source. Depending on the nature of the catalyst, CO2 hydrogenation has distinct reaction pathways, and various value-added hydrocarbons can be produced. Intense research has recently developed high-performance catalysts, identified clear reaction pathways, and deepened the understanding of the reaction mechanisms. In this review, we present an overview of recent key advances in catalytic CO2 hydrogenation to high-value hydrocarbons and oxygenates that have large market sizes, such as formic acid, methanol, methane, and light olefins, as well as liquid fuels, in terms of the catalyst design, catalytic performance, and reaction mechanism. In addition, the current technical challenges and perspectives on CO2 conversion processes are discussed with regard to climate change mitigation.